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2010 News Release
December 21 
Hitachi Metals, Ltd.
Molycorp, Inc.
HITACHI METALS AND MOLYCORP ANNOUNCE AGREEMENT TO PURSUE FORMATION OF JOINT VENTURES TO MANUFACTURE RARE EARTH ALLOYS AND MAGNETS IN THE U.S.
Tokyo, Japan, December 21, 2010—Hitachi Metals, Ltd. and Molycorp, Inc today jointly announced that they have entered into an agreement regarding the planned formation of joint ventures for the production of rare earth alloys and magnets in the U.S. The ventures would be focused on the manufacture of neodymium-iron-boron (NdFeB) alloys and magnets that are vital to many clean energy, automotive, computer, health care, communications and other technologies.
The parties are expected to sign definitive agreements, which are subject to the satisfaction of certain conditions, for the alloy joint venture by early April 2011. Signing of definitive agreements, subject to the satisfactory conclusion of the feasibility study and other conditions, for the joint venture to produce rare earth magnets would follow later in 2011.
“We are very pleased to have reached agreement in principle with Hitachi Metals, the world's leading manufacturer of rare earth magnets, to launch these joint ventures,” said Mark Smith, Molycorp’s Chief Executive Officer. “These joint ventures are an integral part of Molycorp’s ‘mine-to-magnets’ business plan, and they move our Company and the United States one step closer to realizing the strategic goal of re-establishing a complete rare earth manufacturing supply chain in the U.S.”
“We look forward to launching these joint ventures for production in the U.S. together with Molycorp, which has long experience and deep expertise in the rare earth industry,” said Nobuhiko Shima, President of NEOMAX Company of Hitachi Metals, Ltd. “As the world’s top manufacturer of NdFeB magnets, we are well positioned to satisfy the growing demand from global customers for these rare earth magnets, and to contribute to an energy efficient society.”
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About Hitachi Metals, Ltd.
Hitachi Metals, Ltd.,{TSE: 5468}, headquartered in Tokyo, Japan, is a materials manufacturer that has gained distinction for its high-quality technology and outstanding development capabilities. Its fiscal 2009 (ended March 31, 2010) consolidated sales was 431 billion yen(US$ 4,641 million). As expressed by the “Material Magic” communications symbol, Hitachi Metals remains true to the path it has taken as a manufacturer based in materials development. Hitachi Metals strives to address the needs of its customers by providing truly original products while contributing to environmental protection.
About Molycorp, Inc.
Colorado-based Molycorp, Inc. is the only rare earth oxide, or REO, producer in the Western Hemisphere and currently produces approximately 3,000 metric tons of commercial rare earth materials per year. Following the execution of Molycorp's "mine-to-magnets" strategy and the expected completion of its modernization and expansion efforts at its Mountain Pass, California processing facility by the end of 2012, Molycorp expects to produce at a rate of approximately 20,000 metric tons of REO equivalent per year and intends to offer a range of rare earth products, including high-purity oxides, metals, alloys, and permanent magnets.
Hitachi Metals Contact:
Kenichi Nishiie
Division Head, Corporate Communication
+81 (3) 5765-4075
hmcc@hitachi-metals.co.jp
Molycorp Company Contact:
Jim Sims
Director of Public Affairs
+1 (303) 843-8067
Jim.Sims@Molycorp.com
Molycorp Investor Relations:
Gary T. Dvorchak, CFA
ICR, Inc.
Senior Vice President
+1 (310) 954-1123
Gary.Dvorchak@icrinc.com
Any forward-looking statement you read in this press release reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to the Company’s operations, operating results, growth strategy and liquidity. You should not place undue reliance on these forward-looking statements because such statements speak only as to the date when made. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, except as otherwise required by applicable law.
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